Euclid Tsakalotos

Greek PM Alexis Tsipras called Greek Finance Minister Euclid Tsakalotos to his office for what was described as an “urgent” meeting on Tuesday, a development, amongst others, that means that the former ended his mini inflatable boat cruise of a handful of Cyclades isles over the recent period.

The Eurogroup meeting has ended with Finance Ministers agreeing to release 26bln Euros to Greece within the framework of the 3rd bailout plan via the ESM 86bln Euro, according to Reuters and Dow Jones. The Press conference is under way.

Bild reports that the cash-strapped Greek government is in line to receive 6.04 billion euros in the form of a “bridge loan” if euro zone finance ministers fail to agree on a third bailout for during a Friday meeting in Brussels.

The Greek Parliament approved on Friday the draft terms of a third bailout programme amounting to nearly EUR 85 B.

In order to be granted the bailout by its international creditors, Greece will have to implement a set of reforms, which include tax rises, pension and other spending cuts.

Following an overnight debate, the Greek Parliament is set to vote on the third bailout programme ahead of the scheduled meeting of eurozone finance ministers later on Friday.

Tax rises, pension and other spending cuts are among the reforms, which Greece has to implement in order to be granted a new bailout of about EUR 85 B.

Former Greek Finance Minister Yanis Varoufakis dubbed the new deal agreed upon Tuesday between the Greek government and its international creditors as ‘a minefield of euphemisms’, during his intervention at the Greek parliament, Thursday.

Greece and its international creditors have reached on Tuesday an agreement on the terms of the third bailout programme, which Athens has to be granted in order to avoid bankruptcy.

“White smoke clouds” of peace emerged from the meeting between the Greek government and creditors, signaling that an agreement is near.
The marathon meeting on Sunday ran for 12 hours with both sides agreeing to a text for the deal at around 3.30 a.m. (local time).

The countdown is on for an 86-billion-euro bailout deal between Greece and its creditors from the European Commission, European Central Bank, International Monetary Fund and European Stability Mechanism. Members of the Greek negotiation team left the EFC teleconference meeting on Friday evening, shortly before midnight, with smiles that are indicative that the talks are going as planned.

Greek Prime Minister Alexis Tsipras has said his government is nearing a deal with international creditors on a mammoth bailout, as his spokeswoman raised the prospect of early elections in the fall.

?We are in the final stretch to conclude an agreement with the institutions,? Tsipras said in televised remarks.